Wednesday, January 07, 2015

Republican Congress Plans to Dilute Regulation of Wall Street

WASHINGTON, Jan 7 (Reuters) -
The U.S. House of Representatives expects to vote Wednesday on
legislation retooling a series of financial regulations, an early sign
that Republican leaders will attack President Barack Obama's Wall
Street reforms this year.

Scaling
back reforms including the so-called Volcker rule on banks is a top
Republican priority as stated on the website of House Majority Leader
Kevin McCarthy of California

.

The
proposal is one of the first votes House lawmakers will take this year
after the Republican Party formally took control of both chambers of
the U.S. Congress this week following last November's congressional
elections.

Ignoring the fact that this is just plain wrong, it's also stupid politics. The GOP is playing into the hands of Obama. The mega banks are as crooked as my dog's hind legs and pretty much everybody knows it. Obama will veto anything along the lines of what the GOP is planning thus coming across as a hero for the folks on Main Street who are sick of the preferential treatment that the Wall Street banksters get.

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